Ann got a 30 year fully amortizing frm for 1000000 at an, Ask an Expert

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Ann got a 30 year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 7% compounded monthly, with monthly payments. After 5 years of payments, Ann can refinance the balance into a 25 year Fully Amortizing FRM at an annual interest rate of 6% compounded monthly, with monthly payments. Refinancing will cost Ann 1 point and $1,500 in closing costs. If Ann refinances into this loan after 5 years, what will be her total cost of refinancing? Answer is 10,913.16. How do I solve this using a financial calculator?

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